Boston, MA -- (ReleaseWire) -- 06/24/2014 -- Although the domestic autos market in Serbia is far from developed, we believe the production segment is set to establish its reputation as a highly competitive manufacturing base in the Eastern European region over the coming years. Its proximity to high-potential markets such as Russia, improving export ties with the EU and the hefty investments from Fiat will be key factors helping the production segment recover to pre-1999 levels.
Even by our modest forecast of 1.6% year-on-year (y-o-y) average annual growth between 2014 and 2018, we expect autos production to reach 28,000 units by the end of the period - more than double the levels in 1999. 2013 was a crucial year for the Serbian autos export segment. With Fiat beginning exports of its Serbian-made cars to the US market from June 2013,total Serbian exports are expected to have expanded by an impressive 25% y-o-y, to EUR11bn in 2013. Car exports alone are expected to stand between EUR1.5bn and EUR2bn.
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It is, therefore, not surprising that international suppliers and carmakers are rushing to establish their presence in this still immature market.
Italy-based Aunde has expanded its operations with the establishment of a factory in the Serbian city of Jagodina. The factory will produce automobile seats and technical textiles for the automotive industry in the country. Serbia's Prime Minister Ivica Dacic, Transport Minister Aleksandar Antic and Italian Ambassador to Serbia Giuseppe Manco attended the plant's inauguration ceremony. Dacic said the government plans to continue with its EU bid since it is the sole guarantee of economic development. He added his government will strive to create conditions favourable to investors.
Dacic noted that Italy has become Serbia's top trade partner, surpassing Russia and Germany. The prime minister also said that his government would continue to create a favourable environment for investment and that the country would continue its path to EU integration.
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The Serbia Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Serbia Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Serbia.
- Benchmark BMI's independent automotives industry forecasts on Serbia to test other views - a key input for successful budgetary and planning in the Serbian automotives market.
- Target business opportunities and risks in the Serbian automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Serbia.
- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
BMI Industry View
Summary of BMI's key industry forecasts and views, covering production, sales and the introduction of new technology or products.
Global, Regional and Country Industry Overviews
In-depth analysis of the major global and regional developments in the market, which can be linked with the country industry overview, providing cross-country investment, product and financing trends that will affect each market, supported by BMI?s global and regional industry forecasts.
Business Environment Ratings
BMI's proprietary Autos Business Environment Ratings are a unique country-comparative Risk-Reward Ratings index that separately analyses the risks and rewards of operating in each market. It is aimed at investors (including manufacturers, suppliers and dealers) who seek to either identify and compare market opportunities, or evaluate country-specific operational challenges.
The ratings methodology makes sophisticated use of over 40 industries, economic and demographic data points.
BMI Industry Forecasts
Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Total production value (US$bn); total production of units; production by vehicle-type (including cars, commercial vehicles, trucks and buses); total sales value (US$bn); sales by vehicle-type, including passenger cars and commercial vehicles (vans and microbuses, pickups, trucks and buses, 4 wheel drive); total exports by value (US$bn) and by units; total imports by value (US$bn) and by units; contribution to GDP; employment in industry.
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